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to what they call crippling medicare cuts. the automatic fiscal cliff cuts will mean 2% reduction for medicare. on top of that, doctors face a 27% rate cut, because of a medicare formula that all sides say is broken. the sustainable growth rate formula, nicknamed the sgr, triggers doctor reimbursement cuts when health costs outpace economic growth. for nine years congress has passed doc fix funding to keep rates from being cut. this year it's being held hostage by the fiscal deadlock. without a fix, one physician group has calculated that most solo family doctors will see a $27,000 cut in terms of their revenues this year. a typical three-doctor practice will lose $80,000. the centers for medicare and medicaid notified doctors that they may not see a cut right away, because of a 14 to 29-day in terms of when they actually pay the bills after they are received. if congress reaches a deal by mid-month, they won't see a problem. the cms says they'll provide an update on january 11th. not knowing how much you're going to get paid for a couple of weeks as you're starting to see patient
sales was uncertainty about the fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it consumers could see higher taxes eating into their paychecks. even online sales suffered compared to past years of double-digit growth this year online holiday sales rose only about 8% compared to nearly 16% last year. lack of consumer confidence means this shopping season could be the weakest since the recession in 2008 when sales actually shrank. >> consumers need to have more confidence. right now it's more of an uncertain way for the first half of 2013 so i think everyone has thought going into the year. >> for businesses, the holiday shopping season officially ends december 31st, and retailers are hoping to salvage some profits by offering deep discounts until then. the president of the national retail federation is still optimistic. he estimates holiday sales growth will be about 3.5% to 4% this year. rebecca and jeff? >> thanks elaine. it's interesting, macy's and target report next week so we're going to hea
are traded up a bit. and president obama is cutting his vacation short to continue talks on the fiscal cliff. joining us now is dan henninger from the wawr wall street journ. does he want to go over the fiscal cliff? some are saying he needs more than he would just get from the rich guys. >> i doubt that he wants to go over the cliff. and i must say, president obama has repeatedly referred to himself as the unique politician, he's different than everyone. there is no politician i know would want to get into a situation like this. and barack obama marchs to his own drummer and it's possible, but i kind of doubt it. >> you wrote a piece in the wall street journal, called "no guardrails", you said the old society kept the politicians in order in washington, self-order and self-restraint. all of those disappeared as a result of the "me" generation and you say that obama is the epitome of a the "me" generation president that he sees things from his perspective and won't bend. >> the original metafor, you do have guardrails on a highway, people drive 75 miles per hour and occasionally someone gets
hit the fiscal cliff. what happens to your bottom line if you do? january 1st all the bush tax cuts will expire, all of them with taxes going up an average of $1,600 per household. the payroll tax holiday also expires, that means the tax burden will rise an average of $700 per household. extended unemployment benefits, the ones we were talking about with lisa expire, so collection of unemployment benefits will shrink from 79 or 99 weeks back to 26 weeks in six months. the medicare doc fix expires, a 27% cut in physician payments and the alternative minimum tax will expand to 27 million more americans for whom it was not intended. obama care taxes hit, a 0.9% jump in medicare payroll taxes for those earning $200,000 or more, that is likely to happen regardless of whether or not there's any fix. i bring in senator richard blumenthal, a democrat from connecticut. thanks for joining us. we have five days to go. you think we'll get a deal. >> i'm hopeful. there's sufficient time to reach a deal if we use the common ground we have and that common ground is nobody wants to go over the fisc
the fiscal cliff, however, and that's the bad news. and looming tax hikes, spending cuts, all of that. both sides warning a very big deal becoming a bit more unlikely. >> and my one bit of advice to speaker boehner is this. you cannot pass a bill with just republicans. on a broad thing like this, you need both. and he has put himself with plan b and sort of an impossible position. he has to get these hard right goes to go along with him. and he and the president were going to say we're going to pass a deal with the majority of republicans and the majority of democrats in the house and senate, we would get a mainstream deal. >> i think we're going to fall out of the fiscal tree. the big deal for the big deal is at the debt ceiling. that's when we will have leverage to turn the country around. >> congress is now out of session for the christmas holiday. but expect it to be back thursday. joe, we talked to some of the senators and congress last week saying will you come back from vacation? some of them pretend like they weren't going, but i think they really were. >> if boehner's leadership is
the fiscal cliff or something similar to that. we need to cut taxes. it is important that we do both. i think republicans should be voting on raising taxes a little bit. they will be raising taxes on everybody. because we're coming out of some wars here, we really do not need to be raising our defense at all. that is all i like to see. host: this is richard. he is in garden grove, california. what do you think about the fiscal cliff negotiations? caller: i wish to come to an easy medium. he is going to us to give everyone an incentive. why are they cut it? adjusted 500,000? that is its. -- just a 500,000. that is it. is this is for businesses or for personal assets? people making income or is it just for businesses ta and. everyone is going to have to pay some kind of taxes. you will never explain the cost cutting military. we never understood that. the president has been trying to show the republicans as being the bad guys. both sides are spending in the past. everyone wants to blame. the reserves and the bank's new they're learning about money than they should. it is good for business. now
are 10 hours before we reached the so-called fiscal cliff. that government-imposed deadline for tax cuts, also sequestration. they will go into effect for 2013 unless a compromise is reached. the president says we are close, but there is no final deal. some of our twitter comments -- richard is joining us from ohio. republican line. caller: thank you. i do not understand what is going on with the unemployment rate and everything else. i have been looking for work for nine months now. the only thing around here is dishwasher, stuff like that. my wife is disabled. there is no money in the household. and yet, they keep wanting to go up and up and up. i have no idea what to do to support my family. i know there are millions of americans out there, people in worse shape than i am. i have no idea where to go next. host: richard, have you talk to your members of congress? caller: >> no, i have not. host: do you think any agreement lawmakers make today will make a difference? caller: honestly, i do not think it will make much of the difference. i thought we was doing good. i got injured on my jo
congress reaches, it will be a big tax cut. but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass plan "b" that very same week. then it was mr. boehner who said it was up to the senate, someone else's problem. just from a pr perspective, what john boehner has done here is a debacle for the republicans. and the white house, they've just been sitting back the last week or so and letting it happen. but today, they gave us their plan going forward. you could call it deal and jam. >> i'm optimistic we may still be able to reach an agreement that could pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreemen
>>> good morning. fiscal cliff hanger, lawmakers scrambling to make a deal to keep sharp tax increases an spending cuts from taking effect in 36 hours. can washington get it done? we'll find out where the president stands as he talks exclusively to nbc news. >>> moments of impact. dramatic new images of the moment when a passenger jet crashed off the runway in russia on to a roadway killing four people. ♪ >>> and, fishy thing, this london fishmonger whose sales pitch has turned him into an internet sensation. the viral video that has millions of people around the world hooked, today, sunday, december 30th, 2012. >>> from nbc news this is "today" with lester holt and erica hill >>> i'm erica hill. >> i'm carl quintanilla. >> all eyes on washington. a number of americans wondering this morning why lawmakers have not yet been able to reach a deal to avoid the fiscal cliff. president obama spoke exclusively to nbc's david gregory. we are going to get a preview of what he has to say just ahead. >> it has been just two weeks since the tragedy of sandy hook elementary in connectic
are growing more skeptical that a budget agreement can be reached. >> before we go over the fiscal cliff, negotiations. >> president obama is in hawaii for christmas. and says he'll cut his vacation short to try and hammer out a deal with congress. the deadline. now a week away. if congress fails to reach any agreement, income tax rates will go up on just about everyone on january 1st. unemployment benefits will expire for many as well. >> thousands of nurses will walk off the job today at nine bay area hospitals. nurses with sutter health's alta bates summit medical center are asking for negotiated labor contracts and improvements in patient care protections. such as staffing levels, health benefits, and sick days. strikers say hospital officials want to reduce the number of paid sick days for nurses and technicians, while eliminating health care coverage for those who work fewer than 30 hours a week. >> we will be right back. thousands of palestinians and international tourists are visiting bethlehem to visit christmas. and to celebrate-christmas. this is live at the we will be right b
of the fiscal cliff countdown. the possibility of tax hikes, spending cuts, and a recession all looming at midnight. democrats and republicans turning to their so-called closers to cut a compromise deal. vice president joe biden, senate minority leader mitch mcconnell working behind closed doors, two men who have worked together for 20 years. the ho use and senate back in session in just a few hours. we're not seeing much progress. one significant stumbling block has been sidestepped. republicans reported dropping their demand to slash social security cost of living increases, the chain cpi that had been briefly on the table. what are the chances we'll get the deal done today? let's listen to republican congressman jason chaffetz earlier on "starting point." >> the united states senate hasn't passed a budge net four years. they have not brought up a single thing for vote on this particular bill. come on, the senate has got to do their job. that's how it works around here. >> more of the same old blame game. senators telling us it's the house. house telling us it's senators. >> republica
. no, if you haven't heard there's a thing called the fiscal cliff. it's -- tax hikes and -- spending cuts that will in come on january 1. and they have done nothing to avert this. both parties say a partial agreement is probably the most that can be expected before january 1. here's a look back at some negotiations that we saw and some key developments that no one has risen above. >> the fiscal cliff, yes, it is still loom figure you're wondering. >> i think we could be taken to the brink again. >> the market is responding to the pending fiscal cliff. >> businesses have stopped investing. business has stopped spending. business has stopped hiring. >> nobody knows what's going to happen. there's outlandish guesses on both sides. >> it wouldn't surprise me if we go past january 1. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. >> another two million people will lose their job. unemployment will go to 9%. why would we do that? >> president obama is meeting with high-profile officers today -- >> we don't speculate
now. >> merry cliff-mas, everybody. five days left and still no deal. president obama cutting short his annual vacation in hawaii to deal with the fiscal cliff. no sight of congressional leaders. they're not in town. investors getting a little bit nervous. will congress get it together in time? no talks that we know of are imminent. it was by at least one measure, the weakest holiday retail sales growth since the financial crisis back in 2008, but could a post-christmas holiday sales bounce be around the corner? >>> and what a year it has been for tech. gadgets and gizmos. apple, facebook, microsoft all have big news. will 2013 be a lucky year for the sector? which tech titans might lead the new trends? simon hobbs is in at the new york stock exchange. >> good afternoon. when president obama arrives back in d.c., can he prevent america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than o
vacation short and heading back to washington before we fall off of the fiscal cliff . can a deal be reached. >> a deadly winter storm unleashing snow and tornados . now thousands ever cleaning up and holiday travelers are stuck. i am tracking where the storm ised hading next. >> thank you, rick. take the gift card and hit the stores this morning. wait until "fox and friends" is over and then leave. "fox and friends" begins right now. "fox and friends". >> gretchen: good morning, i am gretchen carlson we are joined by clayton morris . rick as well . these are great guys, but clayton, because he is a tech guru of folks news and here to help all of us today. >> tech support this morning f. you have tech-related questions. send them and i will attempt to answer them all. i answered all of them. my wife said what are you doing on twitter? i said i am helping me. >> gretchen: we have big storms brewing and rick, you are aptly sitting to the right of me and you will help people get out of town. >> 30 tornados and a big one in mobile, alabama and more tornados and a blizzard. i will try
of the fiscal cliff. >> juliet: love it. >> dave: might cut your paycheck. we're not kidding. more info on that. >> clayton:'s he one of our favorite television neurotic guys, he's neurotic in real life, larry david. >> you came by the hall, wouldn't let me get by wouldn't let you get by me? >> my appointment was 11:30, yours is 11:45. >> clayton: turns out being neurotic may actually be good for you. we'll explain. "fox & friends" hour two starts right now. ♪ >> oh. >> juliet: why is that good news? why are you smiling about that neurotic thing? >> i agree with larry david on a lot of things. stop and chat, laboring about it all day, stop and chat. >> juliet: i move it along and the elevator is the worst. >> dave: stop and chat and you want to talk to clayton and you get natalie. >> clayton: for 40 minutes you're stuck in a conversation. we'll have more on that coming up. >> dave: it's seven o'clock eastern time and now what that means. >> clayton: how many hours left. >> dave: starbucks is open. >> clayton: starbucks is open. >> juliet: lisa, where are you? >> our day can continue. and we'
systems on millions of cars. there has been a lot of talk about the so-called fiscal cliff lately, obviously because it's looming. because it effects just about every american in our country. president obama cutting short his christmas vacation today to continue trying to hash out a deal with congress. they have until next week to get it done before people will start to feel the pain in their paychecks. that's all of us. molly henneberg with the news now live from washington. molly? >> harris, as you were saying taxes are going up for almost everyone immediately if we go over the fiscal cliff. it likely will take a toll on already stretched family bench. take a look at the numbers from the tax policy center. for those whose taxes do go up this is the average tax hit family also take on top of what they already pay in taxes. below 10,000 they will pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000 they will have to pay an extra $1,700 more. looking at the next set of numbers for wage earners, 50 to 75,000. they will have to find an ex
about running off the fiscal cliff. the deadline for preventing tax hikes and government spending cuts is just one week from today. the president and congress return to washington later this week. it's likely they'll work right to new year's eve. one possibility is striking a deal on taxes but leaving the spending for later. >>> overseas now, where an american has been killed by an afghan policewoman. the attack took place at police head quarters in kabul. where there have been similar insider attacks, this is the first time a female security officer has been involved. >>> the nra is not backing away from its call for armed officers in our nation's schools. and the group vows to fight any effort by congress to strengthen gun control laws. now congressman chris murphy, whose district includes newtown, calls the stance "tone deaf and revolting." >>> a real christmas gift, it would be getting to where you're going on time today. storms are causing major travel trouble throughout the nation. it's not only trying to get through snow-covered roads. rain and wind are grounding flights in the
. >> will there be massive tax increases and steep spending cuts in 2013? we'll talk about the fiscal cliff to senator dick durbin and senator tom coburn on face the nation. >> osgood: next week here on sunday morning, a conversation with general stanley mcchrystal. and we catch up with actress laura durn. my doctor diagnosed it as fibromyalgia, thought to be the result of overactive nerves that cause chronic widespread pain. lyrica is believed to calm these nerves. i learned lyrica can provide significant relief from fibromyalgia pain. and for some people, it can work in as early as the first week of treatment. so now i can do more of the things that i enjoy. lyrica is not for everyone. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these, new or worsening depression, or unusual changes in mood or behavior, or any swelling or affected breathing or skin, or changes in eyesight, including blurry vision or muscle pain with fever or tired feeling. common side effects are dizziness, sleepiness, weight gain, and swelling of hands, legs and fe
to avoid the fiscal cliff? if so, what are they? >> well, obviously, there are cuts in the budget. we know we have to cut some of the mandatory programs and do other cuts, but it has to be accompanied with revenues. willie, i'm getting a little more optimistic today. sometimes it's darkest before the dawn. there are two good signs for optimism today. one is that leader mcconnell is actively engaged. you can't pass anything in the senate without democratic and republican votes because of the 60-vote barrier. we only have 53. for the first time, leader mcconnell is speaking to the president. if the senate is going to be the place where action starts, you need both of them there. the second reason for optimism is boehner is back at the table. because you can't pass something just through the senate. we see what a mess the house is. they couldn't even pass speaker boehner's own plan b. the fact that he's come back and the four of them are at the table means to me we could come up with some kind of agreement that would avoid the main parts of the fiscal cliff, particularly taxes going up on mid
of the tax situation and pending cuts, do you see anything from the fiscal cliff? >> i think the average consumer doesn't understand the fiscal cliff but i think they watch the news and understand something is wrong and people are very worried about it. i think that the way things stand now, if we do go over the cliff, it is going to be most of an impact for lower end consumer. i think the higher end consumer still has an ability to spend. certainly maybe a bit more cognizant of impaktd opinion but their ability to spend on discretionary categories, it is not hammered to the extent it'll cause major pull back in spending and categories of things we cover. maybe they won't buy boats and homes, but i think sweaters and watches will sell good in that category. >> that is certainly a big, big worry but again a worry for lower end consumer. more so than the higher end consumer. if you look at employment trends, high end versus low end, it is a very different story and i think that the lower end consumer is the consumer i'm most worried about if we good over the fiscal cliff. >> what do you th
will be on washington, d.c. once again, here on wall street. the concerns about us going over the fiscal cliff, impacting the european markets as well. concern that if we go over, we'll see higher taxes and automatic spending cuts, something that is expected to impact the u.s. economy. that's bleeding over into the european markets this morning. the s&p 500, which along with the dow and the nasdaq are weaker this morning, down for the fifth straight session. of course, yesterday was really a whipsaw session with the markets reacting tny kind of headlines across about any progress or lack thereof on the fiscal cliff talks. so we're keeping watch on that. nevertheless, while we've seen weakness later, the consensus among traders that i speak to and whose notes i read, et cetera, they say they are expecting some kind of maybe band-aid deal that will limit the effects, if, indeed, we go over -- or a band-aid deal, not a grand bargain on lawmakers, to avoid the fiscal cliff, before that january 1st deadline. these are some of the sectors that we're keeping watch on. financials were among the worst
to avoid the fiscal cliff by the end of the year. just about every american family will see their taxes increase on january 1 unless a deal is reached. but lawmakers are expressing very little optimism so far. meantime, the president spent christmas in hawaii, visiting a local marine base, thanking more than 100 troops and their families for their service. >>> and this morning, the taliban is claiming responsibility for a suicide bombing at a major u.s. base in eastern afghanistan. three afghans, including a guard at camp chatman were killed in today's explosion. >>> and back here at home, former major league baseball player andruw jones is free on bond this morning. he was arrested near atlanta early christmas morning on a battery charge, after police responded to a call about a domestic dispute with his wife. >>> and netflix, they are apologizing for a christmas outage in its video streaming service. yes, it happened on christmas, a little untimely. it took ten hours to resolve the problem, which affected subscribers across the country. the company says it stemmed from a failure at am
31 to reach a deal on the fiscal cliff, otherwise tax increases and spending cuts go into effect. negotiations between congress and the president could take friday when all four leaders of the house and senate meet with the president at the white house. a look at the countdown to the fiscal cliff, the guest will be a white house honor. home on a ship and the united states with tools author of american the nightmare how neighbor -- america undermines the negotiation nightmare. more from militia and townsman of the u. s economic research surfaced and heron radcliffe. coming up on c-span, a discussion on the history of the new york times. an examination report on the impact of student loans on parents. interviews with returning members of congress continue with senator been wilson of nebraska. >> you think of washington, 25 years before the civil war, what would you think? woody things lavery was well entrenched, black people were more in visual. white people were true and gift. that is actually not true as well. washington then had about 30,000 people of them. the majority of the b
christmas, of course, still no fiscal cliff resolution. the $500 billion in spending cuts and tax increases start on january 1st unless the white house and congress reach some sort of agreement. we're joined by former pennsylvania governor ed rendell, co-chair of the campaign to fix the debt. and a cnbc contributor. governor, happy holidays. good morning to you. >> good morning, guys. >> so we're sitting here wondering what can be done in the next seven days. even in your role, if you're having to reset expectations. >> sure. i think it's fair to say the campaign is disappointed. we're not going to -- unless lightning strikes, we're not going to get a big deal. we're going to get something that avoid the cliff. kicks the can down the road on the serious issues. the serious issues, the can gets kicked into the debt ceiling. president says he's not going to deal with the debt ceiling. who knows what's going to happen at that point. i think we blew an opportunity in the last seven weeks to really sit down, do something good for the country, do something good for the economy, of our country and
up with a small, kick-the-can down the road bill, that creates another fiscal cliff to deal with this fiscal cliff. how irresponsible is that? >> reporter: and does washington still, the stock market burns. dropping for a sixth-straight day under this uncertainty. americans are burning up, too. >> this is america. they should be working for the american people. >> can't believe we got this close. >> get in a room and don't come out of the room until you've got this thing taken care of. >> reporter: what the senate leaders hope to do is put together this deal, bring it to the senate tomorrow. then, the house comes back in session tomorrow night. they can vote on any deal passed by the senate. but bianna, no one is holding their breath here in washington. >> no one is, indeed. >>> for more on the big white house meeting, we want to bring in john avlon, political columnist at "the daily beast." a busy man covering all of this. how do you see this playing out? >> we're three days out. nothing focuses than the prospect of being hanged. today, bianna, is the key day. saturday, tod
, to return to washington. hoping to strike a last-minute deal to avoid the fiscal cliff. >>> plus, deep discounts. if you're not sick of the mall just yet, you're going to find some great sales today. why a loss for retailers could be your gain. >>> and the holiday homecoming. one family never imagined was possible. how a chance encounter by a caring stranger put a dog-napped
over the fiscal cliff must start in the senate. >> gretchen: a lot of people were upset because members of congress just can't seem to get their act together or the president, depending on which side of the fence that you're on of the they were upset that they went on christmas vacations. the president went to hawaii and members of congress went home. both sides said we're going to come back to washington because we've got to solve the situation. i think what so many people are frustrated about is this is an ongoing situation. it's like every year we come to this point where we're talk being this cliff and this is what i think has angered so many voters and why congress has such a low approval rating. >> rick: they also got to this point because of their last time they did this. it was the last debt creating fight that deleted this thing. now they gave themselves an amount of time to work on it you and thought maybe last week there was a little progress being made. turns out there is not. we're back to exactly where we started at and we're eight days out now. >> clayton: you're right ab
not going to set aside the 1.2 trillion in cuts. >> the president spoke out about the dpfiscal cliff on friday focusing his goals on middle class tax cuts not some kind of bargains. his supporters should find it no surprise to any one he wants people above tacks. >> he won 60 percent of the voters stharp for it in the exit polls including some republicans. >> the focus shift to go the u.s. senate where few republicans are backing democratic plan to take some kind of actions before the deadline. >> they continue to give opinions rick warren had an opinion. >> he said it is time to stop placing blame and start fixing things. listen to this. >> i think there's plenty of blame to go around. i would say this we need to stop blaming. you can't mix the problem while you were fixing the blame. i have trained leaders all over the world. one of the things i teach leadership is leaders accept the blame and give away the credit. >> every time you are blaming you are being blamed. i wish they would stop blaming and start fixing the problem. >> head over to stories you can bank on this morning. >>
on the fiscal cliff i'm joined by deputy political editor domminco. let's talk about what are the opings left on the table as we look at the narrow window that's left to get us to 2013 and what could get done. >> well, i think ultimately you've got a small deal, a big deal, or going over the cliff. there is some movement towards getting a small deal done. you hear that from congressman ellison. senate airdz on both sides tell me that that's possible. the 250,000 a year tax cut plus unemployment things and it maybe can kick the can down the road. that will have consequences for the president's agenda in the next year because he wants to get immigration reform done. he wants to get a lot of other things done that really get pushed down the road if fiscal stiff is still weighing on him. >> which side has negotiated in good faith more? the political reporting we've heard is that the president is still at the table. he is saying let's get something done. john boehner is at the table saying he wants to get something done, but -- i think the white house says how is he going to pass plan a or somethi
. they talked about the need to reach a deal to avert the fiscal cliff. >> i've been working people of both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy. a plan that would protect the middle class, cut spending and ask the wealthiest americans to pay a little bit more. i will keep working with anyone who is serious about getting a comprehensive plan like this done. we are now just -- all tax rates are going up. a will get a lot smaller. it would hurt middle-class families and businesses that depend on your spending. congress can prevent it from happening. leaders are working on a way to prevent this tax hike on the middle class. if an agreement is reached i will urge the senate to hold an up or down vote to protect the middle class from the income- tax hike. it could pass both houses a bipartisan majority. but they still want to vote no, that is their prerogative. they shall let everybody else vote as well. we cannot afford a politically self-inflicted wound. the housing market is healing. the unemployment rate is the lo
, the fiscal cliff is one day closering and much of the talk in congress focused who's to blame for a lack of a deal. there are nine days off to head off mandatory tax cuts and tax hikes. nancy cordes is in honolulu where the president is having his christmas vacation. and nancy, good morning. >> reporter: good morning to you, rebecca. it's almost as if the president and congressional leaders have called a sort of time-out when it comes to the fiscal cliff. there are no major discussions going on right now about what to do now that talks between the president and the speaker have appeared to have stalled. they were both here yesterday for the funeral of daniel inu way and & we're told they didn't know what to do next. the president urged leaders to craft a sort of scaled down plan that simply extends the bush tax rates for the middle class and extends long-term unemployment benefits for another year. but jeff and rebecca, it's really unclear whether even a package like that could pass both houses of congress, and so the president is going to be cutting his vacation here short. he's heading
decline and businesses not hire as a result of the uncertainty around the fiscal cliff, but there's another impact here and people could even see it on their dinner plate. >> definitely. we're seeing a lot of consumer impact from this, just because of the large budget cuts expected to go through, if we do in fact go off the cliff and of course, there's a lot of variation here it's up to each individual agency to decide how it's going to cut but when we talk to people in the industry they just have a lot of the worst case scenarios almost that could come to play that really do affect consumers. >> there's the farm bill on the edge here as well which could significantly impact milk prices. they're talking about the potential of milk doubling in price, if nothing is done? >> that is certainly one impact that could be felt here. milk prices meat prices as another side effect here because there are federal inspectors that are required to be on hand to process meat and if we have fewer inspectors or they have their hours, might have to curtail some of the proce
. >> the true heroes:. >>> well on this christmas eve, the fiscal cliff is one day closer. much of the talk in congress on sunday focused on who's to blame for the lack of a deal. there are eight days left for lawmakers to head off mandatory budget cuts and tax hikes, and nancy cordes is in honolulu where president obama is having his christmas vacation. nancy, good morning. >> reporter: good morning to you, rebecca. it's almost as if the president and congressional leaders have called a sort of time-out when it comes to the fiscal cliff. there are no major discussions going on right now about what to do now that talks between the president and the speaker appear to have stalled. in fact, the president and senate majority leader harry reid were both here in honolulu yesterday for the funeral of hawaii senator daniel inouye. we're told they didn't really discuss what to do next. before he left washington the president urged leaders to craft a sort of scaled down plan that simply extends the bush tax rates for the middle class and extends long-term unemployment benefits
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